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Abu Dhabi-headquartered private developer Ohana Development will self-fund the 15 billion UAE dirham ($4.08 billion) Manchester City Yas Residences, giving it the flexibility to run the entire development lifecycle on its own terms, Chief Operating Officer Mustafa El Sammak told Zawya Projects.
“The project is funded through direct shareholder investment. Our approach from the beginning has been to avoid relying on external debt,” he said.
Groundbreaking of the premier gated waterfront community along the Yas Canal in Abu Dhabi is planned for June, followed by the start of enabling works, El Sammak said.
The development will be delivered in two phases, with a six-month interval between them.
Earlier this month, the developer recorded $1.63 billion in sales within 72 hours of the project’s launch.
Handovers are targeted to begin in 2029, El Sammak stated.
Interview excerpts:
What market factors compelled you to launch Manchester City Yas Residences?
Yas Canal is one of the most compelling waterfront settings in Abu Dhabi, situated within Yas Island’s broader lifestyle ecosystem while offering a quieter, more residential feel. We are seeing sustained demand for quality communities in this area and it continues to grow.
However, we noticed a clear gap. While the island has evolved into a world-class destination, a sports- and family-oriented branded community built around active lifestyles and longevity was still missing.
Manchester City Yas Residences fills that space by introducing an entirely new category of branded living, one designed for families who value health and how they spend their time at home. It is a direct response to what today’s buyers are asking for.
What is the tendering timeline for the project?
The main construction contract has already been awarded to our in-house contracting arm, which is consistent with our operating model. We manage the full development cycle internally, from master planning to execution, ensuring direct control over timelines and quality. Groundbreaking is scheduled for June 2026, with enabling works aligned accordingly.
Will the project be completed in phases?
Yes, the development will be delivered in two phases, with roughly a six-month interval between them. This maintains construction efficiency while giving us the room to handle a smooth handover process for buyers. It also provides the flexibility to respond to demand and ensure each phase meets the standards we have set.
Who is the project’s architect?
We have a fully integrated in-house architectural and engineering division, which gives us tight control over design quality and delivery. This is one of our core strengths as a developer.
What sets the design apart is the way the masterplan is structured around active lifestyles and daily routines. Public spaces and community facilities are planned to encourage residents to engage with their surroundings. The architecture serves a purpose beyond aesthetics; it shapes how people use their homes and the spaces around them.
When do you intend to deliver the project?
Handovers are targeted to begin in 2029. As outlined, delivery is phased, and because we oversee the full construction process internally, we are confident in meeting that target.
What will be the sustainable elements of the project?
Sustainability is embedded at the masterplan level. More than 50 percent of the development is dedicated to landscaped areas, parks and open green spaces, which directly improve microclimate conditions and quality of life for residents. The project also incorporates environmentally conscious design strategies, efficient building systems, and responsible material selection to support long-term sustainability.
How do you intend to fund the mega project?
The project is funded through direct shareholder investment. Our approach from the beginning has been to avoid relying on external debt. This gives us full financial discipline and the flexibility to run the entire development lifecycle on our own terms. It also means our decision-making is driven by value creation rather than lending conditions or external pressures.
For our buyers and stakeholders, this model offers a clear signal of commitment and confidence in delivery. We are investing directly in what we build, and that accountability carries through at every stage.
Given the ongoing launches in the UAE, will you face any issues securing top-quality contractors for your project?
This is actually one of our strengths. The company was founded as a contracting business and our leadership team comes from deep engineering and construction backgrounds.
We have in-house contracting capability, which means we are not competing for resources in the open market. In a cycle where demand for quality contractors is at a premium, that is a real advantage. It allows us to control quality, manage timelines directly and ensure consistency across the entire build process without relying on third parties for critical delivery.
Have you seen tender prices rise due to the UAE’s booming real estate sector?
Yes, there has been clear upward pressure on both material and labour costs over recent years. The market is active and that naturally drives prices up across the board. However, because of our vertical integration and in-house contracting platform, we are positioned to absorb that pressure more effectively than most.
We have direct relationships with suppliers, visibility into procurement and full oversight of the construction process, which allows us to control costs without compromising the quality of what we deliver.
What is your outlook on the real estate market in the UAE, particularly Abu Dhabi’s off-plan market, for 2026?
The fundamentals are strong, the regulatory environment is progressive and the long-term economic vision is clear. The off-plan segment in particular continues to see healthy demand driven by population growth, infrastructure investment and increasing international interest. We are committed to this market for the long term. We believe in Abu Dhabi as a destination and we remain confident in the trajectory the emirate is on under its leadership.
(Reporting by P Deol; Editing by Anoop Menon)
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